HomeMy WebLinkAbout95-901 06-13-1995RESOLUTION NO. 95 -901
A RESOLUTION DECLARING EXPECTATION TO
REIMBURSE EXPENDITURES WITH PROCEEDS OF
FUTURE DEBT.
WHEREAS, the City Council of the City of Euless, Texas, (the "Issuer") intends to
issue debt for the purpose of constructing street and drainage improvements (the "Projects")
and further intends to make certain capital expenditures for the Projects and currently desires
and expects to reimburse such capital expenditures with proceeds of such debt;
WHEREAS, under Treas. Reg. paragraph 1.150 -2 (the "Regulation "), to fund such
reimbursement with proceeds of tax- exempt obligations the Issuer must declare its
expectation to make such reimbursement; and
WHEREAS, the Issuer desires to preserve its ability to reimburse the capital
expenditures with proceeds of tax - exempt obligations.
NOW, THEREFORE, be it resolved by the City Council of the City of Euless, Texas,
that the Issuer reasonably expects to reimburse capital expenditures with respect to the
Projects with proceeds of debt hereafter to be issued by the Issuer, and that this resolution
shall constitute a declaration of official intent under the Regulation. The maximum principal
amount of obligations expected to be issued for the Projects is $6,000,000.
PASSED AND ADOPTED at a regular meeting of the Euless City Council on the 13th
day of June 1995, by a vote of 6 ayes, 0 nays, and o abstentions.
ATTEST:
/4-L--Susan C C. CMC, ' = « etary
AP OVED AS TO FO M: y
/Zed-
City Attorney
APPROVED:
aryit
ary ib c = Ieh, Mayor
RSLREIMB.SAM